Dear friends I make a small steps to analysis a stock with my little knowledge. If you found any type of error, I request all to post a comment. I use India Infoline trade terminal along with Keystock charting software. Actually keystock help me a lot to identify the potential stocks to trade both intraday and positional. Today I try to analysis a stock and present to you. Remember friends you may or may not trade for tomorrow in this stock but watch it definitely. I write this analysis as one of my friend from forum wants the excel sheet of Tom DeMark's Rule. I think the rule I used in excel sheet is no doubt give me tremendous result but if we know the technical analysis then it may be a boost to your trading activity. You may enter or exit at any time frame and also earn.
Friends look into the chart of Punjab National Bank (PNB)
Friends look into the chart of Punjab National Bank (PNB)
The chart show that it made a high of around 580 on 1st August and a low 506 on 5th August. If we use these to positions of high and low with Fibonacci Retracement then it show that one should long above 534.65 (entry above 38.2% level) with a stop loss of 506 for a target of 552 (61.8% level) which one easily attend.
If we look to tomorrow's trade then we use the Fibonacci Extension level for suitable entry and exit position. Now You see the 38.2% level. The stock is in a mood to break it. If the stock break it the our next target is 506 (0% level) with a stop loss 543.50 (50% retracement level).
But if this not happen then you should entry at about 544 (just above 50% retracement) with a stop loss 534 (just below 38.2% level) and you have a target 565 and 578 (shown by Fibonacci Extension).
Friends here is another strong argument why this happen. Look the trend line I draw. Actually it is a bullish trend line. If the support bullish line break then it is a bearish and drag it to 506 easily. On the other hand, if it take a support and break the resistance trend line (Horizontal Line) then it may surge to 552 in two or three trading session.
I give this on my own analysis, if there is any error please give a comment.
Happy Trading. Good Bye friends.
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